The London Barometer November 2014
Wednesday, November 12, 2014 by Douglas And Gordon
November 2014 / Sales
“New business was up over 100% from August to October, demonstrating that politics hasn’t completely stymied the market. Applicants increased by 10% while offers received increased by almost 30%, indicating that buyers will commit
to a purchase if they feel the price is right.
“Many purchasers are trying to leverage pre-election uncertainty to chip away at prices, but vendors are standing firm against bold offers, creating something of a stalemate.
“The number of properties available is at a 36 month high providing buyers with plenty of choice. Earlier this year buyers were restricted by lack of availability but are now able to secure their preferred property and, with average transaction times up to 16 weeks, the pressure to offer has been alleviated.”
George Franks, Sales Director
November 2014 / Lettings
“October saw new applicant registrations up 40% compared with the same month last year, with activity South of the river storming ahead of Prime Central London. The number of properties on the market to rent was down 33%.
“Although in October we valued 31% fewer properties (potential new rental instructions), the number of actual new instructions was in fact only 16% lower than in October last year.
“With the growth of the private rented sector set to continue, we expect to see the average time spent by tenants in rented accommodation increasing as well as rents continuing to move upwards as demand grows.
“Discussions around the abolition of tenant fees is unnerving as, following a similar ban in Scotland, rents have gone up by as much as 5% as a direct result. There is the concern that this will further increase rental prices in London
and brings the need for institutional investment in building private rented schemes to the forefront of the market’s agenda.”
Virginia Skilbeck, Lettings Director